3646472
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Cmora
Returning Member

transferred a rental property to LLC as of 1/1/2024 - TT calculating depreciation deduction

I transferred a rental property to LLC as of 1/1/2024. I followed the instructions on this forum to select "sold", and purchase price equal to NBV so there is no gain. However, it is showing a depreciation deduction for 2024 on Form 4797. It also has an AMT depreciation deduction. Should I override these amounts since the impact of transfer to 100% owned LLC should be zero? Thanks in advance!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question